Orange County observer. [volume] (Hillsborough, N.C.) 1880-1918, 1887-12-24
THE PRESIDENTS MESSAGE,


on are cor rsr.ntesi al the ,hra hold OF voyr j
legislative ,iut . " tn a s.en t,,iln ~ the ma
honal Finances which imperatiyely demands
tmmellate an carefnl con i iar11.o1.
The amount Of mon-y annually exactei.
through the operation Of present laws, from
the industries and nece sites OF the people,
largely excec Is the sum ne ,essary to meet the
expenses Of IL" Government
When We consider that be theory Of our in
stltutions guarantees 10 every citizen the full
enjoyment Of all the fruits Of his Industry and
enterprise, with only such de iu"tion IS NAV
be his share toward the careful AMI econom-
ical maintenance Of the Government which
protects him, It !, pa T. that the exaction o.
more tnan this i, indesenalhe extortion anl a
culpable betrayal Of American fairness and
justice. This wrong inflicted up0n those who
bear the burden of national taxat on, like
other wrongs, multiolies "A brood Of evil con
sequences The public treasury, which should
only exist as a conduit conveying the peo-
pies tribute to its legitimate objects of ex.
penditure, becomes O. boarding place for
money need!essly withdrawn from trade and
the peoples use, thu, Gripping our national
energies, suspendlng oar countrys develop
ment, preventing investment in pro iuctivs
| enterprise, threatening financial disturbance
and inviting schemes of the public plunder
This condition Of orr Treasury Is not alto
| gether new, ani il has more than once of late
been submitted 70 the peoples representatives
In the Congress, who alone can apply a
remedy And vet the situation still continues
with aggravated incidents, moro than ever
presaglng financial CONFUSION and wide
! spread disaster
! 1t will not do to neglect this situation le-
| cause ITS dangers not now palpablv
| imminent and apparent. They exist none the
| less certainly, and await the Unforeseen and
! unexpected occasion when SUD l.nly they viii
! be precipated on
On the Both day of June lssJ, the excess
| OF revenues over public expenditures, after
| complying with the annual requirements of
the sinking fund act, was ST.. So .,j,J 81: dur
| ing the year ended June 81, 1Nst such excess
| amounted 10 $40 40t ~. o. and during the
| year ended June 80 1881 it reached the sum
! of ST., ,J67, ,slD14
| The annual contributions t. the sinking
! fund during the three years aboIc speti flied,
| amounting III L., aggregate to SIS o.
32094, and deducted from the surplus as
I stated. were made hy ct.lln,, i'll for that pur-
| pose outstanding > lsr cent. bonds Of til" Gov
ernment. During the six months prior TO
June -, 1897. the surplus revenue had grown
so large by repeated accommodations. and it
was feared the withdrawal O: this great sum
OF money needed by the people would 50 affect
the business of the country, that the sum of
! 80, ,N6i 100 Of such surplus was applied to the
: payment OF the PRINCIPAL and interest Of the
| } per cent. bonds sill outstanding aud which
| were then payable at the Optiou of the tIOv-
| ernment. The pIerarlou~ condition Of tuan-
| clal affairs among tn" p"op.e stll heading
relief, immediately after the :05l- day Of
| June, lNs', the remainder of tne :: par
| cent. bonds then outstanding, amount-
ing with principal and interest to
| the snm cf 81. $50, =wcr" called IN and
| applied To the sinking fund contribution for
the current fiscal year. Notwithstanding
these operations Of the Treasury Department.
representations OF dI>tr'e, IN h,l>in' - Circl,s
not only continued hut increased, and al SO
lutte peril seemed 1T hand. In thce' eIrcum
stances th" contributions 10 TN" sinking fund
for the current G~,':l year WAS - once com
peted i'y tn cXl"miltar.. OF 8. ,6Nl -, -, IN
the rUrthaS" ot Government bon l. not Vet
due bearing and & l@r c"r.t. interest. the
premium Tfali thereon averaging about y per
cent for the former and per cent for the
latter. In addition to TIM, tN" interest acCru
ing during the current year upon the out
standing buniei Indebtedness; o; the Govern
ment was to some extent anticipated. and
| banks selected aS DEPOSIT nrlee of public money
were permitted t. somewhat IucIeesi their
deposits
While the expodent. thus employed, to re
lease to the people the money lying Iile n til
Treasury, served to avert Im'ue ilate danger
our surplus revenueH have continued to a,'.u
muiatr, the excess tnl IT," present wear
amounting on the 1t day of Decent er to
SO, 21s.tu ~, and estimated IL reach the
sum OF ! 3,UW. 900 on tn" 18th ut .lnur NIX:
at which date it is ex;e,,et that this sum
added t. prior .GIcunulatlous, VIII swell til..
surplus III the Treasury 10 t1.Ftlo'O.
There seems TO be no asSuran % that. vii h
such a withdrawal from. u.s. Of the people 8
circulating medium, our business community
may not III the near future he subjected tc
the same distress which was quite lately Iro
duced from the same CuuSa And while the
functions of our National Treasury should be
few and simple. and while its best con itIon
, would he reached, | believe hy its ent Ire dis
connection with private business interests
Yet when, Ivy IerS ersion o, ITS pti poses it
idly holds money useesslv subtra ted from
the channels Of trade, there seems 10 be
reason for the ciam that some legitimate
means should BE- devised 10y the Government
to restore IN an emergency, without vast. or
! extravaganza, such money to It's place anon
the people
II such an emergency arises there now
exists no clear and unioUhtel executive
power of relief Heretofore the r. rtdemptIon
of three per cent. bonds. which We're payable
at the option of the Government. has afforded
a means for the is''urSement of tht excess Of
our revenues: hut these lonis.have all BEEN
retiraI. aud there are no bonds outstanding
the payment of which we have the r -ht Il
insist upon The contribution 10 the sinking
dture in the purchase If bonds has been al
ready made for the current year, so that
there Is no outlet IN that direction.
/ In the present state II legislation the only
pretense Of any existing executive power I
le>tore. at this time, any part Of oa1- surplus
revenues to thu panpie bv is rx1en fItureS
consists IN the Suppostton that The Setreti"y
! of the Treasury NAV enter the market and
purchase the bon is of tine Government not Vel
due, IT a rate IF premium 10 to }ei III on
| Tie only provision Il law from winch such d
power could he derived i found IN an appro
priatlon ON pas>tu numoer OF years a-To
and It is sub ;ect TO the suspicion that II wa,
intended as temporary and hunted III IL aI'
I phCation. instead IF couierrln- continuing
discretion and auth nrltv. y" condition ought
TO exist which would justify the grant II
poser To a single official, upon h. Judgment
of It's necessity. To- wlthhoid from or rc.ea Il
10 the business of the popla, in an Unusual
| manner, money held III the Treasury, and
thus affect, IT his Will, the financial situation
/ of the country, and If IT Is deemed wise tC
lodge in the Secretary OF the Treasury the